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Korman Company wishes to accumulate $1,500,000 by May 1, 2028 by making 8 equal annual deposits beginning May 1, 2020 to a fund paying 8%

Korman Company wishes to accumulate $1,500,000 by May 1, 2028 by making 8 equal annual deposits beginning May 1, 2020 to a fund paying 8% interest compounded annually. What is the required amount of each deposit?

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